Mr Isaksson said the buyer wanted to capitalise on the passive investment opportunity the property represented, generating more than $550,000 per annum.

“The store has long been occupied by Connor Clothing, a Retail Apparel Group menswear brand, which has signed a lease term until 2022, plus renewal options,” he said.

“As a landmark asset unmatched in its location, prominence and character, and surrounded by city-defining developments, the Connor retail space generates a solid cash flow and is anticipated to continue outperforming like assets in the CBD and beyond.”

Mr Isaksson said overwhelming interest was received from local, interstate and offshore investors.

“Very few of the mall’s assets have traded in the past 10 years so 109 Rundle Mall presented a rare opportunity to secure a piece of Adelaide’s history and its future,” Mr Isaksson said.

Connor is one of more than 600 specialty stores along the vibrant retail strip, which hosts more than 21 million visitors each year.

“Rundle Mall is arguably one of Australia’s busiest and most successful pedestrian retail malls, with more than 400,000 customers per week,” Mr Carpinelli said.